I want to purchase a moderately priced mobilehome with cash? What are my advantages?.?

Asked by Deli Sullivan, San Jose, CA Fri Apr 26, 2013

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This question was asked from this property: http://www.trulia.com/property/3114414530-249-El-Bosque-Dr-S…

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8
Elena Talis, Broker, Palo Alto, CA
Fri Apr 26, 2013
Your advantage is how fast you can close and get money in the seller's hands. Same for any purchase...
Web Reference:  http://talisrealestate.com
1 vote
Mitchell Pea…, Agent, San Jose, CA
Fri Apr 26, 2013
Deli Sullivan:

If you would like to see the home, I can open it for you. In addition to your advantages are already listed in the previous posts, this agent would be happy to represent you. I've sold close to a hundred manufactured homes in my career.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
1 vote
Lawrence Gil…, Agent, San Jose, CA
Fri Apr 26, 2013
The advantages are:
1) You don't have to qualify for a loan.
2) You won't have a mortgage payment.
3) It is easier to qualify for the park. Parks will check your credit and income. When calculating the debt to income ratios, it is easier to qualify for the park if you don't have a mortgage payment in the mix.
4) You might be able to negotiate a better price.
5) You can close the transaction faster as there is no loan approval/documents to deal with.

Please keep in mind that space rents vary from one space to the next - even in the same park, and space rents usually go up approximately 3% per year in San Jose.

Please feel free to contact me if I can be of further assistance.

Lawrence Gillen
Realtor/Manufactured Home Specialist
(408) 472-5582 Cell
Advantage Homes
lawrence@gillencentral.com
DRE# 01193237
HCD# SP1177640
1 vote
Terri Vellios, Agent, Campbell, CA
Fri Apr 26, 2013
By the way, the space rent for one on 249 El Bosque is $1,440 per month.
Web Reference:  http://www.TerriVellios.com
1 vote
chris mosher, Agent, San Jose, CA
Fri Apr 26, 2013
Cash is king! You can get it for less and the seller will be eager to accept your offer. I can help you write the offer and negotiate for less. The home has been on the market for a few weeks now so an offer for $55,000 would be a good starting point. Keep in mind the space rent for mobile home parks..This one is $1400/mo. Chris Mosher 408-204-8209
1 vote
Terri Vellios, Agent, Campbell, CA
Fri Apr 26, 2013
I know that complex in Westwinds and have one closing next month on El Bosque.

Call or drop me a note and I can go over the details of the various parks, etc.
Web Reference:  http://www.TerriVellios.com
1 vote
Bill Eckler, Agent, Venice, FL
Sat Apr 27, 2013
The obvious advantage of purchasing a moderately priced mobile home is that this form of housing is one of the most affordable options out there that helps people beat throwing their money away on a rental.

Also paying cash will eliminate a mortgage payment and will allow you to save faster for an upgraded home in the future.

The mobile home option is also a great way for "first time buyers" to get their foot in the door of home ownership.

Good luck,

Bill
0 votes
John Arendsen, Agent, Leucadia, CA
Fri Apr 26, 2013
You really should start with the park manager of the park/communities you are interested in. You will have to fill out an application and be approved by them before you even make an offer on a manufactured home in a rent/lease park/community.

Be wary of any manufactured home built before June 15, 1976 as they are "PRE HUD" homes and will be very difficult if not impossible to finance. Additionally many if not most PRE HUD homes were built using caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.

But before you purchase any manufactured home you should have the home inspected by an experienced manufactured home inspector and not just any home inspector.Make sure the home is level and that the pier and pad assemblies are in good shape.

Be sure the vapor barrier and insulation are in tact and not ripped, torn or lying on the ground. Have the inspector look for drainage issues i.e. standing water, soil erosion, expansive (clay soil), rusted and deteriorating piers and dry rotted or decomposing wood pads supporting the piers.

Most importantly make sure the home has an approved set of Earthquake Resistant Bracing (ERBS) installed under it as much of California is in a Zone 4 seismic area:

(http://www.google.com/search?q=seismic+zone+3+map+for+califo…)

Feel free to contact us should have any more questions: 800 909-1110, Cell: 760 815-6877. Email: onthelevel@cox.net. Or log onto any of our very user friendly websites:
http://www.mh-processing.com
Web Reference: http://www.onthelevelcontractors.com
0 votes
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